Ipsen Posts Revenue Growth But Taspoglutide Partnership Fails
February 02 2011 - 3:15AM
Dow Jones News
French drug developer Ipsen (IPN.FR) Wednesday said its Swiss
partner Roche AG (ROG.VX) has dropped out of development of
diabetes drug Taspoglutide after patients developed undesirable
side-effects, as the French company posted 2010 revenue growth of
6.5% on year.
Taspoglutide was considered Ipsen's key growth driver, with
potential revenue of over EUR1 billion a year, which would have
generated at least EUR150 million in royalties for Ipsen. It is now
studying new partnership possibilities for the drug and doesn't
plan to develop it alone given the necessary investments, the
company said in a statement.
Ipsen posted EUR1.1 billion in revenue in 2010, supported by
growth in its specialty drugs business. Growth was stripped 5% of
positive foreign exchange effects.
The company could have to book depreciations of EUR65 million to
EUR85 million in 2010 due to uncertainties weighing on its future
partnerships and future development, it said.
Ipsen's new chief executive, Marc de Garidel, who has headed the
company since the end of November, will present his strategy for
the company during the second quarter--a little later than
initially scheduled.
Full-year earnings are scheduled to be released on March 2.
-By Ambroise Ecorcheville, Dow Jones Newswires; 33 (0)1 40 17 17
71; ambroise.ecorcheville@dowjones.com
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